Nigeria’s economy is expected to grow by 2.2 percent in 2019 and 2.4 percent in 2020-21. The World Bank made this projection in its latest economic outlook report, with its forecast oil price at average $67 per barrel for this year and 2010, down $2 from its projections last June. Growth in Sub-Saharan Africa is expected to pick up to 3.4 percent in 2019, rising to an average of 3.7 percent in 2020-21. The prediction, according to the report is on diminished policy uncertainty and improved investment in large economies, with continued robust growth in non-resource intensive countries. The bank noted, however, that external headwinds have intensified as growth among major trading partners moderates, global financial conditions tighten, and trade policy uncertainties persist.
The embargo earlier placed on the shares of African Alliance Insurance has been lifted by the Nigerian Stock Exchange. African Alliance Insurance was among the eight companies suspended from trading their shares at the NSE on July 5, 2018. They had failed to comply with Rule 3.1, Rules for Filing of Accounts and Treatment of Default Filing, Rulebook of the NSE, which required them to file their financial statements within a speculated timeframe. Having now submitted its audited financial statements, the NSE has announced the lifting of the suspension on African Alliance Insurance, allowing the insurer to begin trading its securities at the local stock exchange.
Foreign airline ticket sales in Nigeria rose by 21 percent to $1.7 billion in 2018, compared to the $1.4 billion recorded in the comparative period of 2017. The figures exclude revenues earned from cargo operations. This means, the foreign airline operators earned $3.1 billion in ticket sales in the country within the periods under review, 2017 and 2018. According to Bankole Bernard, the president of the National Association of Nigeria Travel Agencies, the increase could be much higher as the agencies await formal report from IATA by the end of January.
The Nigerian Electricity Regulatory Commission has said that the indebtedness of power consumers to electricity distribution companies hit ₦62.2 billion within a space of three months in Q2 last year. In a report on the commercial performance of the power sector, NERC said that electricity users paid ₦111.5 billion out of the total of ₦173.7 billion that was billed by the 11 power distribution companies in Nigeria. The regulator said the indebtedness, which was recorded in the second quarter of 2018, was contributory to the financial illiquidity in the power sector, adding that the liquidity crisis in the sector had remained one of the major challenges in the industry.